Monday, March 24th, 2003 — A federal judge has dealt a blow to the developer who holds the lease on New Yorks World Trade Center in his fight with insurers over the value of his claim for the loss of the Twin Towers on Sept. 11, 2001. New York federal court Judge John Martin said in a ruling circulated on Wednesday that leaseholder Larry Silverstein must submit the dispute over the cost of the World Trade Centers destruction to a process that could result in the appointment of an independent appraiser.
Silverstein says the Sept. 11 attacks were two events, allowing him to claim twice on his $3.5 billion policy. The 20 or so insurers that covered the complex say it was one event.